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Using Social Media Networking Data in Insurance Underwriting

Author

Listed:
  • Chiang Ku Fan
  • Yu Hsuang Lee

Abstract

Underwriters often cast a broad net in discovery requests, seeking as much documentation as possible to search for inconsistencies in the applicant or policyholder’s story or indications of potential fraud. Fortunately, the new online social networking technology may help insurance companies to improve their underwriting profits and select prospective policyholders. However, neither regulators nor insurers have developed guidelines for the overall use of social data, and scientific studies have not determined what types of social medial data are referable. By reviewing literatures and employing grey relational analysis this study weights the underwriting factors which are identified by the selected underwriters from insurance companies. The findings may provide information for those who employing social media networking data to make underwriting decision to attain underwriting profits, select prospective policyholders, and provide equity among policyholders.

Suggested Citation

  • Chiang Ku Fan & Yu Hsuang Lee, 2015. "Using Social Media Networking Data in Insurance Underwriting," World Scientific Research, Asian Online Journal Publishing Group, vol. 2(1), pages 10-16.
    • Handle: RePEc:aoj:woscre:v:2:y:2015:i:1:p:10-16:id:746
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    Cited by:

    1. Alpino, Matteo & Hauge, Karen Evelyn & Kotsadam, Andreas & Markussen, Simen, 2022. "Effects of dialogue meetings on sickness absence—Evidence from a large field experiment," Journal of Health Economics, Elsevier, vol. 83(C).
    2. Gary W. Cox & Jon H. Fiva & Max-Emil M. King, 2023. "Bound by Borders: Voter Mobilization through Social Networks," CESifo Working Paper Series 10718, CESifo.
    3. De Brouwer, Octave & Tojerow, Ilan, 2023. "The Growth of Disability Insurance in Belgium: Determinants and Policy Implications," IZA Discussion Papers 16376, Institute of Labor Economics (IZA).
    4. Stark, Oded & LaFave, Daniel, 2024. "On the Role of Social Comparisons in Shaping Migrants’ Remittance Behavior: Theory, and Evidence from China," EconStor Open Access Book Chapters, in: World Scientific Handbook of Global Migration, Volume 2: Global Migration: Alternative Views and Social Comparisons, pages 53-82, ZBW - Leibniz Information Centre for Economics.

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